Opening an account for my grandchild

ladyridercymru

Hi

I want to open up a savings account for my grandson so that when he is 18 he will have some savings to start his adult life with.
At the moment he is 3 years old.
Unfortunately the situation between me and his mother is strained and she will not let me have a birth certificate to open the account with.

Is there accounts within building societies or banks that I can open that does not require his birth certificate?

Thanks in advance.

Mojisola

Use the official site to avoid getting ripped-off by copycat sites that charge much more -
https://www.gro.gov.uk/gro/content/certificates/default.asp

pmjenkins

I doubt any building society will allow you to open a children's savings account without the one form of identification that all children should have.

You might be able to order a replacement birth certificate for £9.25 from

http://www.gro.gov.uk/gro/content/certificates/default.asp

Then you'd be able to open the most suitable savings account.

xylophone

Hang on a moment - presumably your grandchild is eligible to receive interest gross but this requires that an R85 should be completed - only a parent or guardian can complete this on behalf of a child.

http://www.hmrc.gov.uk/forms/r85.pdf

Reaper

It would be foolish of the mother to prevent her child receiving money for a dispute between yourselves. Is it just that she does not want you to have the certificate? If so she can set up a Junior ISA or CTF (depending on the child's birth date) and you can contribute to it. It will be handed over to the child at 18.

Failing that you could save the money up yourself (perhaps in an ISA if you have not used up the full limit - up to £15,000pa from July) then gift it at 18. If you go that route then just remember in case you are not around in 18 years:
1) Make it clear in your will what money is to go to the child. You can say they are only to get it at 18 if you wish.
2) There might inheritance tax to pay first if your total estate is above the threshold.

jimjames

Based on the timescales does it need to be cash? An investment is likely to do better over 15 years and does not need ID for the child to open it.

Biggles

I've just opened a(nother) Children's Investment Plan as a bare trust with F&C (http://www.fandc.com/uk/private-investors/savings-plans/savings-plans-range/childrens-investment-plan/) and, though I did list my son (the father) as the other trustee, I had to provide no birth cert or other proof of existence, nor did I with any other of my grandchildren.